nmike

S&P 100 stocks above 200MA (bearish bias)

INDEX:S1TH   S&P 100 Stocks Above 200-Day Average
783 14 4
Index finished the week with a SHOOTING STAR below the 20 and 50 MA, this is not good news for the bulls.Currently the INDEX is supported by the 10ma. Break below the 10ma would signal further downside and an official short signal.
That looks rather bearish. Though, isn't the TRIX showing bullishness?
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nmike MOD NewAgePit
Hello, yes overall it's bearish.The first thing I look for is candle stick patterns.The TRIX like most indicator is a lagging indicator. I like it because it's a smooth and it's very good at showing DIVERGENCES..Currently the TRIX is showing an up move but it does not react well to one bearish candle. On the other hand it's still below the mid-point which is another thing I look for.If the next TRIX bar is longer then the the previous bar and still below mid-point that will confirm the bearish condition.
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Thank you for the reply. Generally, how important is volume in your analysis?
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nmike MOD NewAgePit
I don't look at volume that much as other indicators.You often hear analyst say that " the market is going up but on low volume", but the important thing is that the market is going up, low volume or not. There are instances were I do look at volume, 2 in particular.One is when prices are at extreme levels, you'll often see above average volume spikes also known as exhaustion volume.The other is at breakouts and breakdowns. One volume indicator I like is the EFI(Elder Force Index). This indicator is a VOLUME and PRICE indicator.
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I love how everyone has their own style. Makes this game so beautiful. I don't use indicators, but EFI does seem to be rather accurate. I'll keep it on for a while. Thank you.
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NEUTRAL.... INDEX finished the week with another shooting star(could also be an inverted hammer) below the 20 and 50MA. A bearish candle close below the 10MA would most likely signal a downside move for the SPY.The TRIX is currently neutral(rising but below mid-point).
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..BIG RED below 10MA, the index is now in BEAR territory...
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BIG GREEN ENGULFING CANDLE suggests further upside for SPY. 8 bars ago we had a lower long tail candle outside of both the BB and KC bands. Although the candle was red the positive TRIX divergence was a sign of a bottom.
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WEEKLY UPDATE...BULLISH....above all MAs, TRIX positive...
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yep.. might just stick here, S&P 1475.
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>>>>update... bullish candle pattern above all averages...
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WEEKLY UPDATE...BULLISH...no sign of topping.
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